Discl: Held 2.53% IRL

While there is insane excitement everywhere today, I decided to continue to focus on working through my portfolio to make sure I am clear and comfortable with my going forward tech exposure, before I revisit more SAAS companies. Quite hard to stay focused with this exercise with PME falling as it has, but I think this take-stock is vital before committing any more capital anywhere ...

I did a 0.39% nibble top up of HACK today at $12.54.

RATIONALE

• Market sentiment is badly hit by the “AI-eats-SAAS-software” narrative
• While not considered “functional enterprise SAAS software”, cyber security software IS SAAS software, and so, is caught up in the strong downward momentum of this narrative
• In an AI-driven world, cyber security (1) becomes MORE, not less critical and (2) companies must deploy more and more AI to keep up with the deployment of malicious AI bots - the applying of AI-eats-software narrative against cyber security companies makes zero sense, thus presenting the opportunity to to up
• Increasing exposure to HACK makes more sense now having exited NDQ which removes the holdings overlap between HACK and NDQ
• Price is approaching the $12.37 support, an attractive top up zone given that support goes all the way back to Oct 2024
• Nibbled 0.39% instead of a full-blown purchase as there is still significant tech volatility ahead and the probability of the $12.37 support being broken is high
• Will top up another tranche to get the full allocation to 3.0%, either at the next major support area of ~$10.94 to $11.15, or if it continues to hover between those levels and $12.37

CHART POSITION

Fallen 100% from the last upwswing which started in Oct 2024 at ~$12.37 and peaking at $15.36 in Oct 2025, as the market rotated out of software companies en-masse

Support at 12.37 held last week, there was a short rebound, but the price fell again today, making it attractive for a small nibble

Next major support area going back Dec 2023 is ~$10.94 to $11.15

HACK PORTFOLIO As at 11 Feb 2026

Portfolio makes good sense.

Lots of familiar cyber hardware and cyber software vendors - highlights in yellow that I have had used/had exposure to.

CSCO being the highest holding at 9.61% is comforting as that is pure hardware, as is Palo Alto at 7.52%.

Cyber software is critical infrastructure which must now stand up to AI-drive cyber vectors, which should have driven attack intensity by many notches given the sheer compute power and agents that can be maliciously deployed - the only way cyber securities can fight back is to deploy more and more AI to proactively identify and neutralise the attacks.

It is hard to find any angle which suggests that AI will eat cyber security software and make them irrelevant - that just does not make sense as it is counter-intuitive to the need for MORE AI.

There is now completely no overlap with the rest of my SMSF portfolio: 

• Have exited NDQ which would have duplicated the HACK portfolio to a large extent given most of the HACK holdings are listed on the Nasdaq, not NYSE
• LHGG does not have any cyber security holdings in its portfolio